Nerdy (NYSE:NRDY) Trading Up 5.1% Following Insider Buying Activity

Posted by on Jun 15th, 2023

Shares of Nerdy, Inc. (NYSE:NRDY – Get Rating) traded up 5.1% during trading on Wednesday following insider buying activity. The stock traded as high as $4.03 and last traded at $3.93. 1,679,311 shares changed hands during mid-day trading, an increase of 103% from the average session volume of 826,469 shares. The stock had previously closed at $3.74.

Specifically, CEO Charles K. Cohn purchased 25,000 shares of the company’s stock in a transaction on Thursday, June 8th. The stock was bought at an average price of $3.11 per share, with a total value of $77,750.00. Following the completion of the transaction, the chief executive officer now owns 10,534,759 shares of the company’s stock, valued at approximately $32,763,100.49. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Charles K. Cohn bought 24,000 shares of the firm’s stock in a transaction dated Monday, June 12th. The stock was acquired at an average cost of $3.14 per share, for a total transaction of $75,360.00. Following the completion of the purchase, the chief executive officer now owns 10,581,859 shares of the company’s stock, valued at $33,227,037.26. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Charles K. Cohn purchased 25,000 shares of Nerdy stock in a transaction that occurred on Thursday, June 8th. The stock was acquired at an average cost of $3.11 per share, with a total value of $77,750.00. Following the acquisition, the chief executive officer now directly owns 10,534,759 shares of the company’s stock, valued at approximately $32,763,100.49. The disclosure for this purchase can be found here. Insiders bought 101,600 shares of company stock valued at $306,484 in the last ninety days. Corporate insiders own 38.83% of the company’s stock.

Analyst Upgrades and Downgrades

NRDY has been the topic of a number of recent analyst reports. Cantor Fitzgerald lifted their price target on Nerdy from $4.00 to $6.00 and gave the company an “overweight” rating in a report on Wednesday, March 1st. Raymond James boosted their price target on shares of Nerdy from $3.50 to $4.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 1st. The Goldman Sachs Group boosted their price target on shares of Nerdy from $3.00 to $3.50 and gave the stock a “neutral” rating in a research report on Wednesday, March 1st. Barclays upped their price target on Nerdy from $3.00 to $3.50 in a report on Thursday, May 11th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $5.00 price target on shares of Nerdy in a report on Wednesday, March 1st. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $4.75.

Nerdy Stock Performance

The firm’s 50 day simple moving average is $3.41 and its 200-day simple moving average is $3.01. The company has a market capitalization of $645.62 million, a price-to-earnings ratio of -8.98 and a beta of 1.63.

Nerdy (NYSE:NRDY – Get Rating) last issued its earnings results on Tuesday, May 9th. The company reported ($0.12) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.12). The company had revenue of $49.18 million for the quarter, compared to the consensus estimate of $46.46 million. Nerdy had a negative return on equity of 96.19% and a negative net margin of 22.73%. As a group, equities analysts anticipate that Nerdy, Inc. will post -0.4 earnings per share for the current fiscal year.

Institutional Trading of Nerdy

A number of institutional investors have recently added to or reduced their stakes in NRDY. Barclays PLC boosted its position in shares of Nerdy by 552.3% during the 4th quarter. Barclays PLC now owns 14,989 shares of the company’s stock valued at $34,000 after acquiring an additional 12,691 shares in the last quarter. Royal Bank of Canada lifted its stake in shares of Nerdy by 3,036.0% in the 1st quarter. Royal Bank of Canada now owns 5,488 shares of the company’s stock valued at $28,000 after purchasing an additional 5,313 shares during the period. G2 Investment Partners Management LLC raised its position in shares of Nerdy by 84.5% in the 1st quarter. G2 Investment Partners Management LLC now owns 1,180,686 shares of the company’s stock valued at $4,935,000 after acquiring an additional 540,686 shares during the period. AIGH Capital Management LLC acquired a new stake in Nerdy during the 1st quarter worth $1,672,000. Finally, Allspring Global Investments Holdings LLC acquired a new stake in Nerdy during the 1st quarter worth $57,000. 70.77% of the stock is currently owned by institutional investors and hedge funds.

About Nerdy

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Nerdy, Inc operates platform for live online learning. The company's purpose-built proprietary platform leverages technology, including AI to connect students, users, parents, guardians, and purchasers of various ages to tutors, instructors, subject matter experts, educators, and other professionals, delivering value on both sides of the network.

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